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Audit updates: May 2019

In this month’s audit updates, the Competition and Markets Authority (CMA) sets out radical reform proposals including mandatory joint audits, Brydon review launches audit process consultation, the future of the Financial Reporting Council (FRC), review of KPMG’s audit practice, sanctions for Grant Thornton and Baker Tilly, and audit switches at Mothercase and French Connection

CMA wants Big Four operational split and mandatory joint audits

The Big Four firms face an operational split between audit and consulting services, and mandatory joint audits of large listed companies, as a result of the Competition and Markets Authority’s (CMA) final report on the UK audit market.

The competition watchdog has stopped short of calling for a full break-up of the sector’s biggest firms, citing concerns about the global nature of the firms and the impact of the UK taking a unilateral approach to audit reform.

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